Morus alba L. is a multipurpose and fast-growing tree species. However, its growth and productivity are susceptible to water stress. Therefore, a study was conducted to check the effectiveness of foliar application of salicylic acid (SA) in improving the water stress tolerance of M. alba. A pot experiment was conducted and the morphological, physiological and biochemical attributes of young M. alba saplings were assessed under control (CK, 90% of field capacity (FC)), moderate (MS, 60% of FC) and high soil water deficits (HS, 30% of FC), along with MS and HS + foliar application of SA 0.5 and 1.0 mM (MS + 0.5; HS + 0.5; MS + 1.0, and HS+1.0, respectively). Results demonstrated that the highest decrease in plant growth, leaf, stems and roots’ dry biomass, chlorophyll a, b, carotenoid contents and leaf gas exchange parameters was observed under HS, whereas the lowest decrease was evidenced for HS + 1.0 mM SA. Electrolyte leakage, malondialdehyde contents, hydrogen peroxide and superoxide radicals significantly increased under HS, while the lowest increase was evidenced for HS + 1.0 mM SA. The highest increase in proline content, total soluble sugar, total phenolic content, soluble protein and superoxide dismutase, peroxidase, catalase, and ascorbate peroxidase was also found under HS + 1.0 mM SA. Based on the results, it can be concluded that foliar application of SA can help improve the water deficit tolerance of Morus alba saplings, especially under high soil water deficit.